Author: Dennis Chapman
Published: March 4, 2013
Reading time: 1 minute
This article is 9 years old.
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Guidance has been published on new OFT powers under the Financial Services Act 2012, to suspend consumer credit licences where there is an urgent need to protect consumers from harm.
This adds new powers to shut down businesses rather than have the necessary lengthy appeals process which used to be the case. The powers will be used where activities have the potential to cause physical, economic, or other harm to consumers eg violence, fraud, dishonesty or targeting vulnerable customers.